TIDMPUM8
RNS Number : 1731K
Puma VCT 8 PLC
17 August 2012
Puma VCT 8 plc
Interim Report
For the period ended 30 June 2012
Officers and Professional Advisers
Directors Auditors
Sir Aubrey Brocklebank (Chairman) Baker Tilly Audit LLP
David Brock Chartered Accountants
Graham Shore 2 Bloomsbury Street
London WC1B 3ST
Secretary
Eliot Kaye Sponsors and Solicitors
Howard Kennedy
Registered Number 19 Cavendish Square
07696739 London W1A 2AW
Registered Office Bankers
Bond Street House The Royal Bank of Scotland plc
14 Clifford Street Western Branch
London W1S 4JU 60 Conduit Street
London W1R 9FD
Investment Manager VCT Tax Advisor
Shore Capital Limited PricewaterhouseCoopers LLP
Bond Street House 1 Embankment Place
14 Clifford Street London WC2N 6RH
London W1S 4JU
Registrar Custodian
SLC Registrars Pershing Securities Limited
Thames House Capstan House
Portsmouth Road One Clove Crescent
Esther East India Dock
Surrey KT10 9AD London E14 2BH
Administrator
Shore Capital Fund Administration
Services Limited
Bond Street House
14 Clifford Street
London W1S 4JU
Chairman's Statement
Introduction
I am pleased to present the first interim report for Puma VCT 8
plc (the 'Company') for the period to 30 June 2012. The Board
welcomes its new shareholders and thanks them for their
investment.
The Company was incorporated and launched its Prospectus in July
2011. The offer closed in April 2012, raising GBP12.4 million, the
larger part being in the Spring of 2012. The Investment Manager,
Shore Capital Limited, now has approximately GBP46 million of VCT
money under management in this and other Puma VCTs and a well
established, experienced VCT team to manage the Company's deal
flow. The first four limited life Puma VCTs (which had the same
board of directors as this VCT) have successfully entered winding
up processes and have cumulatively distributed GBP53 million in
cash to shareholders.
Investments
The period under review includes only a short time following
completion of the fundraising. However, I am pleased to report
that, prior to 5 April 2012, the Company invested GBP2 million into
two qualifying companies Isaacs Trading limited and Jephcote
Trading Limited which themselves are actively pursuing
opportunities to deploy their financial resources. I will update
you on the progress of these investments make in due course.
In terms of non-qualifying investments, the company invested
GBP750,000 in a Tesco Bank 8 year bond traded on the London Stock
Exchange, bearing a 5% per annum coupon. This bond is currently
trading at a premium to the issue price. Given the recent
volatility in the financial markets, the Investment Manager has
taken a cautious approach to investment. Accordingly, since the
close of the Offer, the larger part of the net proceeds raised has
taken advantage of the attractive interest rates on offer on longer
term deposits.
The Investment Manager has reviewed a number of other suitable
qualifying investments and expects to begin making such investments
in the second half of the year, discussed further in the Outlook
section.
Net Asset Value ('NAV')
The NAV per share was 94.34p at 30 June 2012. This initial NAV
per share primarily reflects the initial funds raised less the
costs of flotation.
VCT Qualifying Status
PricewaterhouseCoopers LLP ('PwC') provides the board and the
investment manager with advice on the ongoing compliance with Her
Majesty's Revenue & Customs ('HMRC') rules and regulations
concerning VCTs. PwC assists the Investment Manager in establishing
the status of investments as qualifying holdings and has reported
that the Company has met all HMRC's criteria to date.
Principal risks and uncertainties
Continuing uncertainty until the UK slowly comes out of
recession has meant that markets remain turbulent. Global concerns
have impacted UK markets negatively, most notably the increasing
concerns over the US deficit and the continuing sovereign debt
crisis in Europe. The consequences of this continued volatility and
its effect on the Company's investment portfolio constitute the
principal risk and uncertainty for the Company.
Outlook
Since the close of the Offer, the Investment Manager has met a
number of companies which are potentially suitable for investment.
There is a good flow of opportunities which may lead to suitable
investments. The restrictions on availability of bank credit
continue to affect the terms on which target companies can raise
finance. This should both increase the demand for our offering and
improve the terms we can secure. There are many suitable companies
which are well-managed, in good market positions, which need our
finance and can offer good security. We therefore believe the
Company is strongly positioned to assemble a portfolio to deliver
attractive returns to shareholders in the medium to long term and I
look forward to reporting on the Investment Manager's progress in
the annual report.
Sir Aubrey Brocklebank
Chairman
17 August 2012
Income Statement (unaudited)
For the period ended 30 June 2012
For the period 7 July
2011
to 30 June 2012
Revenue Capital Total
Note GBP'000 GBP'000 GBP'000
Gains on investments - 39 39
Income 28 - 28
28 39 67
Investment management fees 4 18 54 72
Other expenses 36 - 36
54 54 108
Return/(loss) on ordinary activities
before taxation (26) (15) (41)
Tax on return on ordinary activities 5 (5) -
Return/(loss) on ordinary activities
after tax attributable to
equity shareholders (21) (20) (41)
Basic and diluted
Loss per Ordinary Share (pence) 2 (0.16)p (0.16)p (0.32)p
The revenue column of this statement is the profit and loss of
the Company. All revenue and capital items in the above statement
derive from continuing operations. No operations were acquired or
discontinued in the period.
Balance Sheet (unaudited)
As at 30 June 2012
As at
30 June 2012
Note GBP'000
Fixed Assets
Investments 7 2,789
Current Assets
Debtors 13
Cash 9,363
9,376
Creditors - amounts falling due within one year (69)
Net Current Assets 9,307
Total Assets less Current Liabilities 12,096
Creditors - amounts falling due after more than one
year
(including convertible debt) (1)
Net Assets 12,095
Capital and Reserves
Called up share capital 12,381
Share premium account (2,44)
Capital reserve - realised (60)
Capital reserve - unrealised 39
Other reserve -
Revenue reserve (21)
Equity Shareholders' Funds 12,095
Net Asset Value per Ordinary Share 3 94.34p
Diluted Net Asset Value per Ordinary Share 3 94.34p
Cash Flow Statement (unaudited)
For the period ended 30 June 2012
For the period 7 July 2011 to 30 June 2012
GBP'000
Operating activities
Investment income received 15
Investment management fee paid (11)
Directors Fees paid (4)
Other cash payments (25)
Net cash inflow from operating activities (25)
Financing
Proceeds received from issue of ordinary share capital 13,135
Expenses paid for issue of share capital (244)
Proceeds received from convertible loan notes 1
Net cash inflow from financing 12,138
Capital expenditure and financial investment
Purchase of investments (2,750)
Net cash outflow from capital expenditure and financial
investment (2,750)
Inflow in the period 9,363
Reconciliation of net cash flow to movement in net
funds
Increase in cash for the period 9,363
Net cash at start of the period -
Net funds at the period end 9,363
Reconciliation of Movements in Shareholders' Funds
(unaudited)
For the period ended 30 June 2012
Called
up Share Capital Capital
share Premium reserve- reserve- Revenue
capital reserve realised unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the period 7 July 2011 to 30 June 2012
Share issues in the
period 12,381 - - - - 12,381
Total recognised
losses
for the period - (244) (60) 39 (21) (286)
-------- -------- --------- ----------- ---------- --------
Balance at 30 June
2012 12,381 (244) (60) 39 (21) 12,095
======== ======== ========= =========== ========== ========
Notes to the Interim Report
For the period ended 30 June 2012
1. Accounting Policies
The financial statements have been prepared under the historical
cost convention, modified to include the revaluation of fixed asset
investments, and in accordance with applicable Accounting Standards
and with the Statement of Recommended Practice, "Financial
Statements of Investment Trust Companies and Venture Capital
Trusts" ("SORP").
2. Return per Ordinary Share
The total loss per share of 0.21p is based on the loss for the
period of GBP41,000 and the weighted average number of shares in
issue as at 30 June 2012 of 12,820,839 calculated from the date of
the first receipt of proceeds from the issue of ordinary share
capital.
3. Net asset value per share
Net Asset Value per
share
-------------- --------------- ----------- ----------------------
Net assets Shares in Basic Diluted
Period issue
-------------- --------------- ----------- ---------- ----------
30 June 2012 GBP12,095,000 12,820,839 94.34p 94.34p
-------------- --------------- ----------- ---------- ----------
4. Management fees
The Company pays the Investment Manager an annual management fee
of 2% of the Company's net assets. The fee is payable quarterly in
arrears. The annual management fee is allocated 75% to capital and
25% to revenue.
5. Related Party Transactions
The Company has appointed Shore Capital Limited, a company of
which Graham Shore is a director, to provide investment management
services. During the period GBP61,000 was due in respect of
investment management fees. The total of this balance was
outstanding as at the period end.
The Company has appointed Shore Capital Fund Administration
Services Limited, a related company to Shore Capital Limited, to
provide accounting, secretarial and administrative services. During
the period GBP11,000 was due in respect of investment management
fees. The total of this balance was outstanding as at the period
end.
6. The financial information for the period ended 30 June 2012
has not been audited and does not comprise full financial
statements within the meaning of Section 423 of the Companies Act
2006. The interim financial statements have been prepared on the
same basis as will be used to prepare the annual financial
statements.
Notes to the Interim Report continued
For the period ended 30 June 2012
7. Investment portfolio summary
Valuation as
Valuation Cost Gain/ a % of Net
As at 30 June 2012 GBP'000 GBP'000 (loss) Assets
Qualifying Investment - Unquoted
Isaacs Trading Limited 1,000 1,000 - 8%
Jephcote Trading Limited 1,000 1,000 - 8%
Total Qualifying Investments 2,000 2,000 - 16%
Non-Qualifying Investments
Tesco Personal Finance Bond 788 750 38 7%
Total Non-Qualifying investments 788 750 38 7%
Total Investments 2,788 2,750 38 23%
Balance of Portfolio 9,307 9,307 77%
------------- ----------- ---------- -----------
Net Assets 12,095 12,057 38 100%
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This information is provided by RNS
The company news service from the London Stock Exchange
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